In the past 24 hours, total liquidations across the whole network reached $182M, with longs accounting for 86%. This ratio is already extremely extreme, but breaking it down by exchange is even more exciting.

Binance alone took $67.7M, or 37%. Of that, $54.94M was long liquidations, while shorts only saw $12.79M. As the largest liquidity pool in the network, Binance’s long-to-short liquidation ratio (81:19) is actually still "mild".

OKX is even more outrageous. In the $39.4M liquidations, longs account for 87%. Bybit and Gate have 89% and 91% respectively—each one is more ruthless than the last.

Most ridiculous of all is Hyperliquid. In $22.58M worth of liquidations, longs make up 99%, while shorts only accounted for $0.3M. This data basically shows that HL is filled with highly leveraged long positions—one downturn wipes them all out. 37,000 liquidation orders correspond to $22.58M, averaging about $6,000 per order. Retail participation is very high.

Bitget has the smallest share (5.4%), but within the total of 8.42 million, the longs account for 84% as well. Across the whole market, no exchange has more shorts than longs.

What does this kind of network-wide consensus long liquidation indicate? Before the drop, almost all exchanges had their leverage positioned long, with heavily crowded positions. The Fear and Greed Index has fallen to 29, and market sentiment is already in panic.

Check in real time: https://www.coinboss.com/liquidations